Office of the Historian

832.51 Sa 6/32

The Secretary of State to Speyer & Co.

Washington, November 6, 1925.

Sirs: I beg to acknowledge the receipt of your letter of November 4, 1925, regarding your interest in a proposed loan to the State of Sao Paulo, Brazil, in the amount of from $25,000,000 to $35,000,000, for the purposes and under the terms set forth therein, and in reply thereto to state that in view of the policy of coffee valorization followed by the authorities of Sao Paulo, this Department is unable to view the proposed financing with favor at this time.

I am [etc.]

For the Secretary of State:
Leland Harrison

Assistant Secretary